Ignore the Green Agenda: 23 State Financial Officers Demand the SEC Put Investors First, Not ESG Scores

PJ Media ^ | 06/23/2022 | Stacey Lennox

[SeekAndFind]

The Securities and Exchange Commission (SEC) recently proposed a new disclosure rule called “The Enhancement and Standardization of Climate-Related Disclosures for Investors.” The proposed rule would require public companies to disclose their climate-related risks to investors. The reporting framework is the first significant step toward making environmental, social, and governmental (ESG) reporting a regulatory requirement.

Twenty-three state financial officers sent a letter to the SEC outlining concerns with the proposed rule. The State Financial Officers Foundation (SFOF) led the effort on behalf of its members and identified eight specific problems with the proposed rule:

1. The SEC is not a climate regulator, and this rule lies outside the scope of the SEC’s responsibilities.
2. This proposed rule violates the First Amendment because it will force company leadership to speak extensively about their impacts on climate change, even if they disagree with the assessment of climate risks.
3. The proposed rule does not consider impacts on everyday Americans investing in an unstable economic environment.
4. This proposed rule would be extremely costly for issuers because they would need to account for climate risks throughout their supply chain, and there is no apparent benefit to these increased costs.
5. The proposed rule indulges in climate exceptionalism elevating climate concerns above pertinent economic risks.
6. It fails to consider relying on the EPA’s existing greenhouse gas (GHG) emissions registry, which already requires disclosures for environmental issues.
7. A justification for this proposed rule is comparable data, but it fails to provide a method to enable comparisons across issuers.
8. The decision to require additional disclosures has been prejudged by the SEC Acting Chair, who has not allowed the proposed rule to have fair and full consideration.

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“It is disheartening but not surprising to see activist behavior from the SEC as it continues to promote rules and policies which prioritize polarizing political agendas over fiduciary duties to investors and issuers,” SFOF Chief Executive Officer Derek Kreifels said.

“This proposed rule is well out of the scope of SEC’s authority, and we highly encourage them to address our concerns about using ESG as a political weapon against consumers.” He added that the SFOF is not seeking a “conservative” fund manager. It wants funds managed from a neutral perspective for the benefit of the investors.

[Noumenon]

Remember, folks - Gang Green wants you freezing and starving in the dark. Mostly, they want you dead.

We should return the favor. First.

[MAGAthon]

if only this would gain national support ... in the millions.

only you can stop the green gravy train.

[Pocketdoor]

I haven’t heard gang green used to refer to the green movement. I love it! I’m so sick of this climate shit.

[FLT-bird]

We can end all this ESG crap real fast. Just make corporate officers financially liable for not maximizing shareholder value.

That means if a company is refusing to invest in profitable areas because it might earn them an ESG score, then that would give shareholders a cause of action to bring suit against the corporate officers for breaching their fiduciary duty. All it will take will be one or two multi multi millionaire CEO’s getting bankrupted for the rest of them to see the light.

The likes of Larry Fink and other similarly woke CEO’s being able to get away with using YOUR money to accomplish THEIR political objectives while screwing you out of the return you should be getting needs to end. Put the onus where it belongs - squarely on them. Oh, and make it hurt. Then they’ll stop.

[wita]

I don’t care where you got gang green from it is post of the month quality that the rest of us need to steal immediately.

[wita]

Amen to what you said!!!

[NetAddicted]

Read later.

[Pollard]

Tucker Carlson Today - S02E062 - Weaponizing Capital (06-15-2022)

Woke Wall Street corporations are forcing Americans to follow a left-wing investment strategy called ESG. But this practice is putting your freedoms and capital at risk. Utah State Treasurer Marlo Oaks joins Tucker to share how Main Street can fight back.

https://www.bitchute.com/video/XosrW375mUfN/

[Noumenon]

I made that one up, as it seemed so appropriate.